The combined assets of three entrepreneurs running the largest companies in Vietnam and sharing the common point - never having graduated from university - reach nearly VND9,000 billion.
The world and Vietnam as well have successful entrepreneurs who have never graduated from any university, for many different reasons. They have proven to the business community that qualifications are not the only key to unlock success.
1. Doan Nguyen Duc - President of Hoang Anh Gia Lai Group
Doan Nguyen Duc, President of Hoang Anh Gia Lai Group, was born in 1963 in Binh Dinh province. He graduated high school but he did not study in university, but his willpower and business inspirations are second to none among Vietnamese businesspeople.
In 1990, he established a small woodworking facility called Hoang Anh. Its major work was to make school desks and chairs. This was the precursor of the current Hoang Anh Gia Lai Joint Stock Company. The company’s business lines are now very diverse, ranging from mining, woodwork, rubber, hydropower, and real estate to football.
Hoang Anh Gia Lai Joint Stock Company floated its shares (ticker: HAG) on the Hochiminh Stock Exchange (HOSE) on December 22, 2008. Initially, it listed nearly 180 million units but its outstanding shares exceeded 537 million units, equivalent to VND16,067 billion of market capitalisation.
He holds 48.32 percent of HAG shares, or 259.67 million units. Closing on August 10, HAG share price stood at VND29,700. Thus, his equity asset is worth VND7,763 billion. Duc is now the second wealthiest man on the stock market after Pham Nhat Vuong, Chairman of Vingroup Joint Stock Company.
According to financial reports in the second quarter and the first half of 2012, the owner’s equity was VND9,260 billion and short-term liabilities were VND10,833 billion. Its revenues reached VND306.4 billion in the second quarter and VND624.94 billion in the first six months. Net profit was VND43 billion in the second quarter and VND49 billion in the first six months.
2. Le Phuoc Vu - President of Hoa Sen Group
Le Phuoc Vu, President of Hoa Sen Group, was born on May 28, 1963 in Quang Nam province. He started his business career at an early age and he also is not a university graduate.
In 2001, he set up Hoa Sen Joint Stock Company in Binh Duong province with start-up capital of VND30 billion and with 22 employees. It involved in importing and manufacturing metal roofing, woodwork, plastic and others.
On May 12, 2008, Hoa Sen Group Joint Stock Company listed its shares (ticker: HSG) on the Hochiminh Stock Exchange (HOSE). Its initial registered capital was approximately VND570.4 billion. Currently, HSG’s free-floating shares are more than 98 million units, equivalent to nearly VND1,834 billion of market capitalisation.
Vu currently holds more than 39 million shares, or 39.79 percent of HSG stake. Closing at VND18,300 on August 10, Vu’s equity assets are worth of VND730 billion.
While the steel industry is experiencing a very tough time and many steelmakers are suffering huge losses, HSG is one of a few to make a profit.
According to the company’s business reports for June and the first nine months of fiscal year 2012 (its fiscal year starts on October 1), its nine-month profit hit VND288.11 billion, about 20.05 percent higher than the plan. In particular, June net profit stood at VND37.29 billion.
HSG grossed more than VND7,000 of revenues in the first nine months, fulfilling 77.07 percent of the full-year plan (VND10,126 billion). Its June revenue valued VND840.91 billion. Its nine-month export turnover was VND141 billion, equal to 114.28 percent of the year’s plan.
3. Duong Ngoc Minh, President Hung Vuong Seafood Corp
Duong Ngoc Minh, Chairman and CEO of Hung Vuong Seafood Corporation and board member of Agifish (AGF), was born in 1956 in Ho Chi Minh City.
According to the prospectus of Hung Vuong Seafood submitted to the State Securities Commission (SSC), he graduated from high school having studied aquaculture.
The precursor of Hung Vuong Seafood was Hung Vuong Company Limited established in 2003 in Tien Giang province. Its start-up charter capital was VND32 billion and it had 500 employees. Its main business is processing frozen fish fillet for export. In 2007, Hung Vuong was transformed into a joint stock company with an enhanced capital of VND120 billion with its key business line being seafood.
Hung Vuong Seafood officially floated its shares on the Hochiminh Stock Exchange (HOSE) on November 25, 2009. With 66 million outstanding shares, its market capitalisation was nearly VND2,244 billion.
He now keeps 23.4 million HVG shares, or 35.51 percent of the stake. Closing at VND34,800 on August 10, Minh’s equity asset valued at VND810 billion.
HVG’s profit after tax was VND182 billion in the first six months of 2012, down 23 percent from the previous year. In the second quarter, net return was VND60.7 billion, down by a half from a year earlier.
Its revenues accumulated VND3,674 billion in the six months, down 4 percent from a year ago. Financial incomes dropped three quarters from the corresponding period, from VND115 billion to VND28 billion.
VNE
Vietnamese
